Iggy Azalea Is Engaged to Nick Young — See the Proposal & Her Jaw-Dropping Ring!

Iggy Azalea and Nick Young are getting hitched! The L.A. Lakers player — also known as Swaggy P. — asked the Australian rapper to marry him during his 30th birthday party on June 2. The proposal, which was captured on video and posted to Twitter, shows Young down on one knee, grinning widely and holding a large black ring box with little lights inside to highlight the engagement ring within it, asking Azalea the big question: "Would you marry me?" Laughing, the "Pretty Girls" rapper plucks the ring out of the box and responds: "Yes!"

"It was a beautiful celebration for Nick with only his close friends and family. Nick completely surprised Iggy with the proposal. She was shocked and so excited and emotional at the same time," a source tells E! News. "Nick has known for a long time Iggy was the one for him, but he was just waiting on the perfect time to pop the question. They both have gotten very close these past few months and he can't think of anyone else to spend his life with but her. One of the most important things about Iggy is the way she is to his son."

As for the ring, Young designed the 10.43-carat sparkler himself, People reports. It consists of an 8.15-carat fancy intense yellow diamond and a white diamond halo set into white gold, with jeweler Jason Arasheben of Jason of Beverly Hills. "Nick started throwing around ideas of possible ring styles nearly two months ago," Arasheben said. "He really took his time and made four separate trips to see me. He knew he wanted a cushion-shape stone. He was very meticulous and changed minor details on the design a few times until we both felt it was perfect. He was really determined to create the perfect ring for her."

"We wanted it to be both a ring of Iggy's dreams and a ring that fit her personal style," Arasheben added. "It is always an honor when a client trusts me to help design a ring that symbolizes one of the most important decisions of their life."

The newly-engaged couple took to Instagram to show off their new status — and, of course, that rock. "She said yes. It's over man. I'm getting married!" the basketball star captioned an intimate photo of the two of them (three, if you count the ring!).

Young talked marriage with Du Jour magazine just last year. "Growing up I always wanted to be married and have a family, and it's difficult. I ask [my parents] every day how they do it. It's a process." Adding that Azalea and he had taken their relationship to the next level. "Me and Iggy just bought a house. We've been getting really close lately. I've never been with somebody like this. So, I'm taking it as a challenge."